Bowling Green-based Houchens Industries on Thursday announced another acquisition for its portfolio of companies.
Houchens acquired Lee Masonry Products Inc. and approved a subsequent merger of the existing Lee Masonry Employee Stock Ownership Plan business into the Houchens ESOP, according to a news release.
Lee Masonry Products Inc. was established by Ray Lee in Frankfort in 1963 and became a 100% employee-owned company in 2006.
Lee Masonry is a manufacturer of concrete block and specialty concrete products and a distributor of clay masonry products for commercial and residential use, according to the release.
Lee Masonry has grown to operate 19 facilities in two states with more than 400 employees.
“Lee Masonry Products will be a wonderful addition to the Houchens portfolio of companies,” Houchens Chairman and CEO Dion Houchins said in the release. “They are an extremely well-run and profitable company with tremendous growth opportunities. They are also a great fit from a culture standpoint with them having similar values to those of Houchens.”
“We are proud to join and be an immediate contributor to the largest and most diversified wholly owned S Corp ESOP in the world,” Lee Masonry Products’ Carol Lee said in the release. “This transaction allows Lee Masonry to maintain its company legacy and instantly diversifies the retirement accounts of the participants in the ESOP.”
Houchens Industries is a 104-year-old company that has grown to be one of the nation’s largest 100% employee-owned companies, with more than 19,000 ESOP participants.
Its holdings include such companies as Van Meter Insurance, Scotty’s Contracting & Stone, Stewart Richey Service Group, Crossroads IGA and Sheldon’s Express Pharmacy.